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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
The weighted average interest rate on our outstanding borrowings was approximately 3.16% and 2.33% at December 31, 2023 and 2022, respectively.
Certain borrowings require us to comply with a financial covenant with respect to a maximum debt to EBITDA ratio. At December 31, 2023, we were in compliance with all such covenants. Due to the workers’ compensation and insurance reserve requirements in certain states, we also had unused letters of credit of approximately $71 million outstanding at December 31, 2023 and 2022.
On November 1, 2023, we issued $425 million of unsecured 6.50% Senior Notes due 2028. Simultaneously, we issued $375 million of unsecured 6.88% Senior Notes due 2033. For both offerings, interest is payable semi-annually on November 1 and May 1 of each year, beginning May 1, 2024. We utilized the proceeds from these offerings to repay the Series F Private Placement Notes and outstanding indebtedness under the Unsecured Revolving Credit Facility and for other general corporate purposes.
On November 29, 2023, we established a commercial paper program that allows us to issue unsecured commercial paper notes up to $1.5 billion outstanding. The maturities of the commercial paper notes vary but may not exceed 364 days from the date of issuance. The commercial paper notes are sold under customary terms in the commercial paper market and will rank pari passu with unsecured and unsubordinated indebtedness. The notes are issued at par less a discount representing an interest factor or, if interest bearing, at par. The net proceeds of issuances of the commercial paper notes are expected to be used for general corporate purposes. As of December 31, 2023, we had no borrowings outstanding under our commercial paper program.
The following table summarizes our debt as of December 31, 2023 and December 31, 2022:
(in thousands)December 31, 2023December 31, 2022
Unsecured Revolving Credit Facility, $1,500,000, LIBOR plus 1.13% variable, due September 30, 2026
$— $— 
December 2, 2013, Series F Senior Unsecured Notes, $250,000, 3.24% fixed, due December 2, 2023
— 250,000 
June 30, 2019, Series A Senior Unsecured Notes, A$155,000, 3.10% fixed, due June 30, 2024
105,571 105,664 
October 30, 2017, Series J Senior Unsecured Notes, €225,000, 1.40% fixed, due October 30, 2024
248,355 240,840 
January 6, 2022, Senior Unsecured Notes, $500,000, 1.75% fixed, due February 1, 2025
500,000 500,000 
June 30, 2019, Series B Senior Unsecured Notes, A$155,000, 3.43% fixed, due June 30, 2026
105,571 105,664 
November 30, 2016, Series H Senior Unsecured Notes, $250,000, 3.24% fixed, due November 30, 2026
250,000 250,000 
October 30, 2017, Series K Senior Unsecured Notes, €250,000, 1.81% fixed, due October 30, 2027
275,950 267,600 
October 30, 2017, Series I Senior Unsecured Notes, $120,000, 3.70% fixed, due October 30, 2027
120,000 120,000 
November 1, 2023 Senior Unsecured Notes, $425,000, 6.50% fixed, due November 1, 2028
425,000 — 
May 31, 2019, Series A Senior Unsecured Notes, €50,000, 1.55% fixed, due May 31, 2029
55,190 53,520 
October 30, 2017, Series L Senior Unsecured Notes, €125,000, 2.02% fixed, due October 30, 2029
137,975 133,800 
October 27, 2020, Senior Unsecured Notes, $500,000, 1.88% fixed, due November 1, 2030
500,000 500,000 
May 31, 2019, Series B Senior Unsecured Notes, €100,000, 1.74% fixed, due May 31, 2031
110,380 107,040 
January 6, 2022, Senior Unsecured Notes, $500,000, 2.75% fixed, due February 1, 2032
500,000 500,000 
October 30, 2017, Series M Senior Unsecured Notes, €100,000, 2.32% fixed, due October 30, 2032
110,380 107,040 
November 1, 2023 Senior Unsecured Notes, $375,000, 6.88% fixed, due November 1, 2033
375,000 — 
May 31, 2019, Series C Senior Unsecured Notes, €100,000, 1.95% fixed, due May 31, 2034
110,380 107,040 
Other unsecured debt4,622 2,977 
Total unsecured debt3,934,374 3,351,185 
Unamortized discount and debt issuance cost(28,146)(22,362)
Total debt3,906,228 3,328,823 
Less debt due within one year355,298 252,029 
Long-term debt, excluding current portion$3,550,930 $3,076,794 
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2023 (in thousands):
2024$355,298 
2025500,494 
2026356,133 
2027397,065 
2028426,078 
Thereafter1,899,306 
$3,934,374